In general, manufacturing operations collect more than enough data to form a basis for the initial stages of transformation. The challenge is that many may not have a clear idea of how to use it or cannot easily access it because it is locked in legacy systems. And simply accessing that data is not enough – organizations must be able to monetize it.

Despite enthusiasm for digital manufacturing, few companies have realized its potential at scale, according to a new survey by McKinsey. While there is significant importance placed on the topic and many pilots have been launched across a range of use cases, less than a third of respondents cite having moved critical use cases—such as digital performance management—into large-scale rollout. At the same time, more than 90 percent of surveyed companies believe that they are either at the forefront of digital manufacturing in their industry or, at least, on par with the competition.

Both virtual and augmented reality show potential to decrease manufacturing costs and increase safety and productivity. VR is currently used by forward-thinking manufacturers to improve their approach to predictive analytics, and AR is being used to facilitate maintenance and deliver expert support remotely.